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Chiclayo’s main plaza was raucous with the sounds of hammering and music, people milling in anticipation as the scaffolding went up for vast digital screens in front of the city cathedral. Saturday’s open-air mass would be a very special one: a celebration marking the ascendency of Pope Leo XIV, the world’s first American pope – but better known here as Robert, the world’s first Chiclayano pope.

Through the cathedral’s open doors, a line of women formed in front of the confessional in preparation for the big evening. A children’s chorus performed on the steps, competing with the thumping bass of secular life down the street, where two men in short shorts were leading a dance class. Banners draped around the square showed Leo’s smiling face, 10 feet high. Signs outside a local restaurant touted its goat stew as his favorite lunch order, back when he lived here.

Inside the cathedral, Amalia Cruzado, 52, silently sobbed in the pews, her arms outstretched.

“It’s a day of miracles. Chiclayo is so blessed,” she said. After praying, she would head home and pick up the rest of her family to attend the evening mass; her elderly father, suffering from cancer, desperately needed a miracle for his health.

Pope Leo was born in the United States as Robert Prevost, but for his adopted nation of Peru – where he acquired citizenship in 2015 – he is a Chiclayano, a son of the bustling northern Peruvian city where he served as bishop for years, after working as a priest in the countryside.

Here, everyone has a story about him.

Back in the 1980s, Nicanor Palacios was an altar boy with Leo during his early priesthood in nearby Piura, and traveled the area with him for services. “Being the junior priest, he was often sent out in the field,” recalled Palacios, now an airforce technician. “He would take us out in the parish’s jeep to have lunch.”

“It wasn’t hard for him to fit in. There was a small village back then, called Kilometer 50, on the Pan-American Highway. He’d take us there for dry meat and fried plantains. He liked that type of stuff and liked to go to the country. He’d eat just like a northern Peru farmer: yucca, fried fish, maybe a bite of fried meat.”

“What I liked most was his advice, because many young people, even back then, they would get lost, but he was just a young man, 24 or 25 years old, very serious and full of advice,” said Palacios, whose mother died when he was young and for whom Leo and the other altar boys become a second family, he says.

Many years later, as a bishop in Chiclayo, Leo’s accent was still “very American,” according to local priest Emerson Lizana, 30, but his presence felt deeply familiar in this northern Peruvian outpost.

“The way he treated people, his presence enveloped you in a sense of trust. He had a Latin American heart,” Lizana said, describing how the then-bishop became part of the daily life of Chiclayo, visiting the city’s poorest neighborhoods and carrying a cross through deserted streets during the Covid-19 pandemic.

Searching for truth and searching for God

Chiclayo is a city famous for the fervor of its faithful, even in deeply Catholic Peru. According to a 2017 census, Peru’s population is 90% Christian and 76% Catholic – more than Italy and far more than in Leo’s native United States, where Catholics are under 20%.

Leo, widely considered a progressive pope and ideological successor to Pope Francis, worked closely with the neediest in Chiclayo, coordinating local NGOs, churches and religious groups in the late 2010s to assist a flood of Venezuelans fleeing political chaos and economic collapse in their home country.

But his tenure has not been without criticism – three women allegedly abused by a local priest released a letter in September last year accusing Leo of failing to fully investigate their claims while he was bishop. The new pope has also been called upon by Catholics for Choice to change his views on abortion; an X account under Prevost’s name previously shared articles critical of reproductive rights and “gender ideology.”

“We are very worried. As you may have noticed, there is a lot of emotion in the province and in the region about the appointment of the Pope who was from Chiclayo. Ultra-conservativism, fundamentalism, new movements can emerge from evangelical and Catholic roots,” she said.

“Above all it is the Church that has maintained this idea of being against abortions, that abortion is also a sin, that it is murder. And this continues to be referred to and repeated by the Peruvian authorities.”

Abortion access is heavily restricted in Peru; in 2023, the United Nations accused Peru’s government of violating the rights of a 13-year-old girl who was refused an abortion following years of rape by her father, and then imprisoned by local authorities after she miscarried.

Still, for a pope, Leo’s social progressivism in other areas is seen locally as an overall “good direction” by some rights advocates.

“We don’t expect that suddenly the Pope goes out and defends the rights of women, but perhaps he will take a position that is a bit more human, and less stigmatizing of women who interrupt their pregnancies,” said Rossina Vasquez, director of a women’s rights group in Peru.

An interest in seeking truth and justice is part of the worldview of Augustinian priests like Leo, according to Friar Pipé, teacher at an Augustinian-run school in the outskirts of Chiclayo.

“For us Augustinians, God is the truth, and for us searching for the truth is searching for God,” said Pipé. “What I hope is that Leo can be a pope who becomes a sign of unity for the church: we can always do better, through dialogue and understanding, both inside our Church and with other religions,” he added.

Pipé, 30, was personally ordained by Leo in 2023 and blessed him in return per tradition; a blessing that he now jokes may have played some role in Leo’s chances during the Vatican’s conclave to select a new pope last week.

He remembers watching a broadcast of the process on YouTube as it played out in Rome, his fellow Augustinians erupting in whoops of joy and triumph when Leo’s name was called out.

With a Chiclayano pope, now anything is possible, Pipé joked.

“Let’s see,” he laughed. “When Benedict was the Pope, Germany won the World Cup. Then Francis was the Pope, and Argentina won… now, Robert is Pope, either Peru or the USA are going to win the World Cup.”

But for believers like Amalia Cruzado, who have little but their faith, the sense that this is a particularly blessed time for Chiclayo is no laughing matter.

In her modest neighborhood, where Cruzado says children often go hungry or cannot afford shoes, dust rose on Saturday evening as a taxi bumped down the unpaved street, the decal on its rear window reading “La Bendición de Dios.”

It was finally time for the evening mass.

Her family of eight piled in – freshly dressed and coiffed, from her 9-month-old grandson to her 79-year-old father – for a hair-rising ride through traffic back to the darkening square. Street lights flickered on as they arrived, police still hard at work cordoning off the cathedral’s steps for the night’s rituals.

Cruzado hoisted her grandson in one arm and shepherded her father toward the front, past crowds taking selfies in front of the Pope’s illuminated likeness. Soon prayers would begin, followed by a familiar order: readings from the Bible, the homily by Chiclayo’s new bishop, communion.

“Papa! Amigo! El pueblo esta contigo!” congregants chanted in the crowd, blasting airhorns and lifting their children in the air as if it were a home team game. “Pope! Friend! The people are with you!

“Let me tell you, the Pope has two hearts: one is for where he was born, but the other one is for here, for us, the humble people of Chiclayo,” Cruzado said. “He is our Pope.”

This post appeared first on cnn.com

Dozens of boxes of Nazi material confiscated by Argentinean authorities during World War II were recently rediscovered in the Supreme Court’s basement, the court said on Sunday.

The 83 boxes were sent by the Germany embassy in Tokyo to Argentina in June 1941 aboard the Japanese steamship “Nan-a-Maru,” according to the history that the court was able to piece together, it said in a statement.

At the time, the large shipment drew the attention of authorities, who feared its contents could affect Argentina’s neutrality in the war.

Despite claims at the time from German diplomatic representatives that the boxes held personal items, Argentine customs authorities searched five boxes at random.

They found postcards, photographs and propaganda material from the Nazi regime, as well as thousands of notebooks belonging to the Nazi party. A federal judge confiscated the materials, and referred the matter to the Supreme Court.

It was not immediately clear why the items were sent to Argentina or what, if any, action the Supreme Court took at the time.

Eighty-four years later, court staffers came across the boxes as they prepared for a Supreme Court museum.

“Upon opening one of the boxes, we identified material intended to consolidate and propagate Adolf Hitler’s ideology in Argentina during the Second World War,” the court said.

The court has now transferred the boxes to a room equipped with extra security measures, and invited the Holocaust Museum in Buenos Aires to participate in their preservation and inventory.

Experts will also examine them for any clues about still-unknown aspects of the Holocaust, such as international financing networks used by the Nazis.

Argentina remained neutral in World War II until 1944, when it broke relations with Axis powers. The South American country declared war on Germany and Japan the following year.

From 1933 to 1954, according to the Holocaust Museum, 40,000 Jews entered Argentina as they fled Nazi persecution in Europe. Argentina is home to the largest population of Jews in Latin America.

This post appeared first on cnn.com

Epic Games said on Friday that it submitted Fortnite to Apple’s App Store, the month after a judge ruled in favor of the game maker in a contempt ruling.

Fortnite was booted from iPhones and Apple’s App Store in 2020, after Epic Games updated its software to link out to the company’s website and avoid Apple’s commissions. The move drew Apple’s anger, and kicked off a legal battle that has lasted for years.

Last month’s ruling, a victory for Epic Games, said Apple was not allowed to charge a commission on link-outs or dictate if the links look like buttons, paving the way for Fortnite’s return.

Apple could still reject Fortnite’s submission. An Apple representative did not respond to CNBC’s request for comment. Apple is appealing last month’s contempt ruling.

The announcement by Epic Games is the latest salvo in the battle between it and Apple, which has taken place in courts and with regulators around the world since 2020. Epic Games also sued Google, which operates the Play Store for Android phones.

Last month’s ruling has already shifted the economics of app development for iPhones.

Apple takes between 15% and 30% of purchases made using its in-app payment system. Linking to the web avoids those fees. Apple briefly allowed link-outs under its system but would charge a 27% commission, before last month’s ruling.

Developers including Amazon and Spotify have already updated their apps to avoid Apple’s commissions and direct customers to their own websites for payment.

Before last month, Amazon’s Kindle app told users they could not purchase a book in the iPhone app. After a recent update, the app now shows an orange “Get Book” button that links to Amazon’s website.

Fortnite has been available for iPhones in Europe since last year through Epic Games’ store. Third-party app stores are allowed in Europe under the Digital Markets Act. Users have also been able to play Fortnite on iPhones and iPads through cloud gaming services.

This post appeared first on NBC NEWS

A fourth round of talks between the US and Iran on Tehran’s nuclear program have begun in Oman, according to Iranian state media, with the two sides aiming to overcome divisions that could scupper the tentative negotiations.

The talks, held indirectly, are the latest between the two countries, and are aimed at addressing Tehran’s nuclear program and lifting sanctions.

The Iranian delegation is led by Foreign Minister Abbas Araghchi, who said before the talks got underway that the US side “holds contradictory positions which is one of the issues in our negotiations.”

“We have been clear about our boundaries,” Araghchi added, according to the Fars news agency.

US special envoy Steve Witkoff, who has been heading the American side, warned that if talks were not productive, “then they won’t continue and we’ll have to take a different route.”

Speaking to Breitbart, Witkoff outlined the US’ expectations for the talks, including on the country’s uranium enrichment program. “An enrichment program can never exist in the state of Iran ever again. That’s our red line. No enrichment,” he said.

Iran has said it will not surrender its capability to enrich uranium. The country has long insisted it does not want a nuclear weapon and that its program is for energy purposes.

This is a developing story and will be updated.

This post appeared first on cnn.com

Pope Leo XIV stepped out onto the balcony of St. Peter’s Basilica to thunderous applause and an electric atmosphere, to deliver his first Sunday blessing and an address calling for peace in Ukraine and Gaza.

The last time he stood on the same velvet-draped ledge, the fragrant scent of white smoke was still hanging in the air and looks of shock permeated the crowd. Just days ago, the election of a US-born pope seemed almost impossible.

But those gathered in St. Peter’s Square on Sunday knew exactly what to expect – a pontiff who was born in Chicago, shaped in Peru and well-experienced in Vatican leadership.

“Let us take up the invitation that Pope Francis left us in his Message for today: the invitation to welcome and accompany young people,” Leo said Sunday from the balcony, speaking in fluent Italian. “And let us ask our heavenly Father to assist us in living in service to one another.”

“In today’s dramatic scenario of a third world war being fought piecemeal, as Pope Francis said, I too turn to the world’s leaders with an ever timely appeal: never again war!,” he said.

Pope Leo called for peace in Ukraine, as well as a ceasefire in Gaza and the release of hostages. He also called for humanitarian aid to be provided “to the exhausted population” in Gaza.

“I welcomed the announcement of the ceasefire between India and Pakistan and I hope that through negotiations we can reach a lasting agreement,” he added.

He delivered a “message of peace” and led the faithful crowd in the Regina Caeli (“Queen of Heaven”) prayer for the first time, surprising those gathered by singing part of the prayer.

The prayer is one of four Marian antiphons, or prayers to the Virgin Mary, which is said throughout the Easter season.

The city of Rome said 150,000 people were expected to gather in St. Peter’s Square for the prayer and significant law enforcement resources are deployed, but an official estimate of the crowd has yet to be announced.

The square was booming with music ahead of Leo’s address, as hundreds of musicians from around the world marched into St. Peter’s Square for a Jubilee of Bands, playing classic songs from their home countries and even pop songs like Village People’s 1978 hit “YMCA.”

As he finished his address, loud shouts of “viva il papa,” or “long live the pope,” were heard among the tens of thousands of people.

Pope Leo is indicated on Saturday that his papacy will follow closely in the footsteps of the late Pope Francis, setting out a vision for a church led be a missionary focus, courageous dialogue with the contemporary world and “loving care for the least and the rejected.”

Leo is expected to lean in a more progressive way on social issues like migration and poverty but fall more in line with moderates on moral issues of Catholic doctrine.

In his first meeting with cardinals on Saturday, the new pontiff said that he chose his papal name to continue down the path of Pope Leo XIII, who addressed “the social question in the context of the first great industrial revolution.” Leo XIII, who was pope from 1878 to 1903, had a strong emphasis on workers’ rights and Catholic social doctrine.

Leo XIV also used his first weekend as pontiff to visit the Basilica di Santa Maria Maggiore, where he prayed at the tomb of Francis.

He also traveled to an Augustinian sanctuary just outside Rome, the Madonna del Buon Consiglio (Mother of Good Counsel), in Genazzano, Italy.

Leo is the first pontiff from the Augustinian order, which places an emphasis on service work and building community. He spent more than a decade leading the Augustinians as the prior general, giving him experience of heading an order spread across the world.

Even larger crowds are expected to fill St. Peter’s Square during Pope Leo’s installation Mass, which will take place on Sunday, May 18.

This post appeared first on cnn.com

Amid ever-increasing uncertainties on the global front and similarly rising geopolitical tensions between India and Pakistan, the Indian equity markets demonstrated strong resilience. They consolidated before ending the week on just a modestly negative note. The trading range remained modest; the Nifty oscillated in a 590-point range. While the markets defended their key support levels, the volatility surged. The volatility barometer, the India Vix, spiked 18.49% to 21.63 on a weekly basis.. The headline index finally closed with a net weekly loss of 338.70 points (-1.39%).

A few important things to note from a technical perspective. The 200-DMA is at 24044; the 50-week MA is at 23983. This makes the zone of 23950-24050 a very important support zone for the Nifty. So long as the Index is able to defend this zone, it will continue consolidating in a defined range. Incremental weakness would creep in only if the 23900 level is violated decisively. On the higher side, as evident from the charts, the markets have continued to resist the rising trendline resistance. From now on, the Nift’s behavior vis-à-vis the zone of 23950-24050 would be crucially important to watch; the Index’s ability to defend or not defend this zone will dictate the trend over the coming weeks.

The levels of 24350 and 24600 are expected to act as probable resistance points in the coming week. The supports are at 23900 and 23630.

The weekly RSI is 54.36; it stays neutral and does not diverge against the price. The weekly MACD is bullish and stays above its signal line. A bearish engulfing candle has emerged. Its emergence near a pattern resistance adds credibility to the resistance placed near 24500-24600.

The pattern analysis of both daily and weekly charts shows that the Nifty has traded quite on the expected lines and within the analyzed range. It has continued resisting the rising trendline resistance near 24500-24600; it has so far defended the key that is created between the 200-DMA and the 50-week MA. The markets would weaken only if they violate the crucial 23900 level; so long as this point stays defended, we can expect the markets to consolidate in a defined range.

Based on the overall technical structure, it is likely that the markets will not see any immediate upward trend. While if the markets end up breaching the 23900 level remains to be seen, it is doubtful that they will initiate any sustainable trending upmove and move past the 24500 levels soon. The hedging activity and the cost of hedging have increased; this is evident from Vix, which has significantly risen over the past few days. While the Nifty has defended the key support levels so far, it remains in a technically challenging environment. It is strongly recommended that the market participants adopt a defensive approach by focusing on the low beta stocks and the stocks with improving relative strength. Staying low on leveraged positions, a continued cautious outlook is advised for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSE Index has rolled inside the leading quadrant. Infrastructure, Nifty Bank, PSU Bank, FMCG, Consumption, Commodities, and the Financial Services Indices are also inside the leading quadrant. These groups are likely to outperform the broader Nifty 500 Index relatively.

The Nifty Metal Index has rolled inside the weakening quadrant. This may cause the sector to slow down and give up on its relative performance. The Services Sector index also remains in this quadrant.

While the Nifty IT Index continues to languish in the lagging quadrant, the Auto and the Realty Indices are sharply improving their relative momentum against the broader markets while staying inside this quadrant.

The Nifty Midcap 100 index has rolled inside the improving quadrant; may see its relative performance bettering over the coming days. The Media and the Energy Indices are also inside this quadrant, and may continue seeing improvement in their relative performance against the broader markets.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae


Here’s a quick recap of the crypto landscape for Friday (May 9) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$103,116 as markets closed for the week, up 2 percent in 24 hours.

The day’s range has seen a low of US$102,526 and a high of US$103,636. After breaking through the US$100,000 threshold on Thursday (May 8), the digital asset has found support.

Bitcoin performance, May 9, 2025.

Chart via TradingView.

The crypto market’s surge is attributed to positive geopolitical developments, particularly surrounding a US-UK trade agreement and optimism over upcoming trade talks with China.

A better-than-expected jobs report also reignited institutional interest. Meanwhile, the MOVE index has cooled from its late March-early April spike, encouraging broader risk-taking across financial markets.

On the technical side, Bitcoin’s realized cap has hit an all-time high above US$893 million. Cointelegraph’s Marcel Pechman notes that strong options activity suggests that prices above US$105,000 could fuel further gains. Analyst Egrag Crypto is forecasting a rally to US$170,000, contingent on Bitcoin breaking past its previous all-time high of US$109,000.

However, with Bitcoin’s relative strength index approaching 70, overbought conditions are emerging, and investors are urged to be cautious of short-term volatility.

Ethereum’s (ETH) price surge has outperformed that of Bitcoin and can be attributed to an increase in transactions following Wednesday’s (May 7) Pectra upgrade. ETH’s price has increased by over 25 percent from last week and 42 percent month-on-month. It finished the week at US$2,325.35, a 10 percent increase over 24 hours.

The day’s range saw a low of US$2,288.24 and a high of US$2,372.09.

Altcoin price update

  • Solana (SOL) closed at US$171.67, up 7.1 percent over 24 hours. SOL experienced a low of US$168.64 and a high of US$172.75.
  • XRP was trading at US$2.35, reflecting a 3.6 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.33 and a high of US$2.40.
  • Sui (SUI) was priced at US$3.89, showing a decreaseof 0.6 percent over the past 24 hours. It achieved a daily low of US$3.87 and a high of US$4.03.
  • Cardano (ADA) was trading at US$0.7799, up 5.5 percent over the past 24 hours. Its lowest price of the day was US$0.7763, and it reached a high of US$0.7953.

Today’s crypto news to know

Coinbase to acquire Deribit in US$2.9 billion crypto derivatives deal

Coinbase has announced plans to acquire Deribit, a leading crypto derivatives exchange, for $2.9 billion — the largest deal in the crypto industry to date. This strategic move positions Coinbase to expand its offerings in the crypto options market, catering to the growing demand for advanced trading products.

The acquisition includes US$700 million in cash and 11 million shares of Coinbase Class A common stock.

Deribit, which processed US$1.2 trillion in trading volume last year, controls approximately 85 percent of the global crypto options market. This deal is expected to enhance Coinbase’s presence in the international derivatives market and diversify its revenue streams. Analysts view the acquisition as a significant step for Coinbase to compete with other major exchanges like Binance and Kraken in the derivatives space. The transaction is subject to regulatory approvals and is anticipated to close later this year. Until then, Deribit will continue its operations as usual.

Rumble’s crypto wallet launch and Q1 earnings

Rumble’s (NASDAQ:RUM) CEO confirmed the firm will launch a Bitcoin and stablecoin wallet to compete with the Coinbase Wallet in Q3. The Rumble Wallet will launch in partnership with Tether.

“Our goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy,” according to a May 9 (Friday) X post by Chris Pavlovski.

On the earnings front, Rumble reported a net loss of US$2.7 million for Q1 on Thursday, a significant improvement over the US$43 million loss reported in Q1 2024. The company’s revenue of US$23.7 million exceeded analysts’ estimates; however, the firm reported a decrease in monthly active users to 59 million, down from 68 million in Q4 2024.

Rumble opened 2.44 percent higher on Friday (May 9) and closed the week with a gain of over 17 percent.

Meta’s potential stablecoin integration

Meta Platforms (NASDAQ:META) is reportedly in discussions with cryptocurrency enterprises regarding the potential implementation of stablecoins for select, smaller-scale creator disbursements.

Five informed sources told Fortune that the corporation has engaged in consultative deliberations with multiple cryptocurrency infrastructure providers, albeit without having yet settled upon a definitive strategic approach.

An insider suggests that the entity may adopt a multi-token framework, encompassing the integration of established stablecoins such as Tether’s USDt and Circle’s USD Coin, amongst other alternatives.

This news comes the day after Democratic lawmakers withdrew support for the GENIUS Act after concerns arose over the lucrative crypto dealings of companies tied to US President Donald Trump. The bill stalled on the floor of the Senate, prompting a public statement from US Treasury Secretary Scott Bessent:

“This bill represents a once-in-a-generation opportunity to expand dollar dominance and US influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.’

Celsius founder sentenced to 12 years for crypto fraud

Alex Mashinsky, founder and former CEO of Celsius Network, has been sentenced to 12 years in federal prison for defrauding customers and manipulating the price of the company’s CEL token.

Between 2018 and 2022, Mashinsky misled investors about the safety of their funds, using customer deposits to inflate CEL’s value and personally profiting over US$48 million. Celsius, which once managed over US$25 billion in assets, collapsed in 2022 amid a broader crypto market downturn, leaving thousands of users unable to access their funds.

SEC considers crypto exemptions

The US Securities and Exchange Commission (SEC) is “considering a potential exemptive order” to let crypto firms bypass requirements to register as a broker-dealer, clearing agency exchange to issue, trade and settle securities. SEC Commissioner Hester Peirce made the announcement in a speech published on Thursday.

Companies would still be expected to comply with rules to prevent fraud and market manipulation and may also need to meet certain disclosure and recordkeeping requirements.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

This week proved pivotal for the tech and energy sectors as market dynamics and the regulatory landscape shifted.

Apple (NASDAQ:AAPL) made waves by signaling a foray into artificial intelligence (AI) search and challenging app store regulations, while OpenAI underwent a major restructuring amid legal battles with Elon Musk.

Meanwhile, legislation targeting AI chip tracking gained momentum, and the nuclear energy sector saw increased activity with Ontario Power Generation’s new reactor project and potential White House actions.

Earnings reports from major players like Palantir (NASDAQ:PLTR), AMD (NASDAQ:AMD), Arm Holdings (NASDAQ:ARM) and Super Micro Computer (NASDAQ:SMCI) painted a complex picture of growth and challenges in a turbulent economic environment.

The interplay of innovation, regulation and market forces played out against a backdrop of trade developments between the US and the UK, with optimism regarding forthcoming negotiations with China boosting sentiment toward the end of the week.

Read on to dive deeper into this week’s top stories.

1. Apple’s App Store appeal, AI search plans and chip news

Apple is formally contesting last week’s judicial ruling mandating a reduction in its App Store commission.

The company filed an appeal against the order that would compel it to lower the existing 27 percent fee imposed on businesses offering links within their apps to external payment processing alternatives.

In related news, Apple executive Eddy Cue revealed during federal court testimony that the tech giant is investigating the development of its own AI-powered search engine for the Safari web browser. The news had an immediate impact on Alphabet’s (NASDAQ:GOOGL) shares, resulting in a 9 percent decline on Wednesday (May 7) afternoon.

In other news, Apple is reportedly making advances in its in-house silicon development.

The company is designing new proprietary chips intended to serve as the main central processing units for a range of future Apple products. These include anticipated devices such as smart glasses, more powerful iterations of its Mac computer line and specialized AI servers.

Combined with this week’s macroeconomic and geopolitical developments, Apple’s share price experienced turbulence, ultimately closing 2.25 percent below Monday’s (May 5) opening price on Friday (May 9).

2. OpenAI announces restructuring, acquisition and leadership changes

In a notable week for AI giant OpenAI, CEO Sam Altman shared a reorganization strategy on Monday, announcing that its operational arm will transition into a new public benefit corporation, with its non-profit arm acting as the primary shareholder. The decision follows talks with civic leaders and state attorneys general.

A person familiar with the matter told Business Insider that the new plan will let the company receive the full US$30 billion investment from SoftBank (TSE:9984). Meanwhile, sources told Bloomberg on Monday that Microsoft (NASDAQ:MSFT) and OpenAI are still in negotiations regarding a restructuring plan. A later report from the Information reveals that OpenAI plans to slash its 20 percent revenue-sharing agreement with Microsoft to 10 percent by 2030.

Regarding the ongoing legal dispute between Sam Altman and Tesla (NADAQ:TSLA) CEO Musk, who alleges that the company has strayed from its founding mission, Musk’s attorney, Marc Toberoff, told Reuters on Monday that the team intends to proceed with the lawsuit. Toberoff also called the restructuring a “cosmetic” move that turns charitable assets into private wealth, adding that “the founding mission remains betrayed.”

In other news, OpenAI made its largest acquisition to date this week, agreeing to buy AI-assisted coding tool Windsurf for about US$3 billion, and named ex-Instacart (NASDAQ:CART) CEO Fidji Simo as its new head of applications.

According to reports, Simo will manage operations and report directly to Sam Altman, who will retain his title as CEO. Altman will shift his focus to research, safety efforts and advancing artificial general intelligence.

3. AI chip regulatory developments

US Representative Bill Foster is preparing to introduce legislation aimed at tracking the location of AI chips, such as those produced by NVIDIA (NASDAQ:NVDA), after they are sold.

The proposed bill, first reported by Reuters on Monday, would task US regulators with developing rules to monitor these chips, ensuring they remain in authorized locations under export control licenses.

It would also seek to prevent unlicensed chips from being activated outside of authorized locations.

In other chip-related news, NVIDIA shares rose following news that the Trump administration plans to eliminate the so-called “AI diffusion rule.” However, a spokesperson from the US Department of Commerce clarified upcoming plans in a statement to CNBC’s Kif Leswing on Wednesday, commenting:

“The Biden AI rule is overly complex, overly bureaucratic, and would stymie American innovation. We will be replacing it with a much simpler rule that unleashes American innovation and ensures American AI dominance.”

The announcement highlights the Trump administration’s intention to keep some guardrails in place to protect US interests, despite pushback from tech industry executives.

At a Congressional hearing on Thursday (May 8), OpenAI CEO Sam Altman emphasized the importance of maintaining US leadership in AI development. He cautioned against overregulation, warning that poorly designed rules could hinder America’s competitive edge, particularly against China.

4. Palantir, AMD, Arm and Super Micro share results

Palantir’s Q1 revenue rose 39 percent year-on-year to US$884 million, driven by demand for its data analytics software in the US. The company expects demand to continue, forecasting Q2 revenue between US$934 million and US$938 million. Palantir’s share price fell by 8 percent after hours as investors anticipated even stronger results. The company posted a loss of 5.6 percent for the week after a volatile week for tech stocks, as overvaluation concerns persist.

Advanced Micro Devices’ Q1 earnings report shows quarterly revenue of US$7.4 billion, an annual increase of 36 percent, with adjusted earnings per share of US$0.96. Despite an initial 7 percent stock surge following a positive quarterly report, AMD shares fell following the company’s announcement of a projected US$1.5 billion revenue decrease this year, attributed to US government limitations on the sale of AI chips to China.

Palantir, Super Micro, AMD and Arm performance, May 6 to 9, 2025.

Chart via Google Finance.

For Q4 2024, Arm Holdings reported quarterly revenue of more than US$1 billion for the first time in its history, but forecast revenue and profit for Q1 2025 below Wall Street estimates, resulting in a 4 percent slump on Thursday morning

Super Micro Computer’s net sales increased from US$3,85 billion in Q3 2024 to US$4.6 billion, while the company’s earnings per share fell year-on-year from US$0.66 to US$0.17.

The company lowered its full-year revenue guidance from US$23.5 billion to US$25 billion, down to US$21.8 billion to US$22.6 billion, with trade war-induced uncertainty and increasing competition cited as obstacles to growth. The company’s share price opened over 5 percent lower the next day and fell by over 3 percent this week.

5. Constellation shares jump, White House plans reactor push

Shares of Constellation Energy (NASDAQ:CEG) rose nearly 10 percent in two days ahead of the Tuesday (May 6) release of its Q1 earnings report, which revealed revenue that exceeded expectations by over 20 percent.

Later, during an earnings call, CEO Joe Dominguez said the company was close to inking multiple long-term deals to provide nuclear power to meet surging energy demands, further bolstering investors’ optimistic outlook.

In another significant development within the nuclear energy sector, Ontario Power Generation said it has secured the necessary approvals to commence construction on the first of four small modular reactors (SMR) designed by GE Verona (NYSE:GEV), which will be located at the company’s Darlington site near Toronto.

The Darlington project is anticipated to be the first deployment of this particular SMR technology within a G7 nation.

Separately, Axios reported on Tuesday that sources familiar with the matter say the White House is in the final stages of preparing executive actions intended to accelerate the deployment of nuclear reactors. These plans, reportedly under consideration for several weeks, could be officially announced imminently.

On Friday, NPR said its reporters have seen a draft of such an order. According to the report, the order instructs the Nuclear Regulatory Commission (NRC) to send new reactor safety guidelines to the White House for review and possible amendments. The draft also calls for a reduction of NRC’s staff and a “wholesale revision of its regulation” in coordination with the administration and the Department of Government Efficiency.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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